Union Budget 2016

Union minister for Finance Arun Jaitley this morning introduced the budget for the year 2016-17 in the Lok Sabha.

There minister said that he is introducing the budget when the global economy is facing a huge crisis. The minister also claimed that Indian economy stood strong during the global meltdown and that IMF has termed India a bright spot.

– Comparing BJP’s achievements in the economic sector in the last 2 years to that of the last 3 years of the UPA government, Arun Jaitley said that the Consumer Price Index (CPI) inflation has come down to 5.4% under BJP’s rule, despite two successive poor monsoons

– 7.4% acceleration in India’s GDP growth

– Farmers to get highest ever compensation and nominal premium in case of crop loss under the Pradhan Mantri Fasal Bima Yojana.

– A new farm irrigation plan to facilitate 28 lakh hectares of farm lands. – NABARD to set up a dedicated irrigation fund worth 20,000 crore.

– Agriculture sector allocated 35,984 crore for the 2016-17 FY.

– The next 3 years will bring 5 lakh acres under organic farming.

– Pradhan Mantri Gram Sadak Yojana gets 19,000 crore.

– Plans being revised to enhance expenditure in farming, rural, social and infra sectors.

– 14,000 crore farms to be included under the Soil health card scheme by the year 2017.